Gov. David Paterson plans to offer legislation Wednesday to bail out the troubled New York City Off Track Betting Corp. for a year.

Now owned by the state after years of fiscal troubles as a public benefit corporation in city government, New York City OTB is in bankruptcy court to reorganize and deal with its debt.

Paterson said the proposal would keep OTB from having to make regular dark day payments to tracks, create some new revenue sources, require cuts in management and consultant expenses and establish an early retirement and severance provision for workers.

He said it would advance revenue to keep the New York Racing Association afloat through its summer thoroughbred racing season at Saratoga and Belmont, which would be repaid from receipts anticipated from a future racino at its Aqueduct track. The measure would also institute a 15 percent across-the-board cut in OTB payments to NYRA, breeders and tracks for a year.

“It will address the problems for some period of time, but the feasibility of the program working, we have not found the solution,” Paterson said. “Basically what it does is it shares the burden.”

On Friday, the OTB’s board voted to suspend for a week the deadline for shutting parlors and laying off 1,300 workers while Paterson and lawmakers try to solve its cash-flow problems.

“We have a plan to keep OTB afloat for another year until we can make some permanent decisions about how to restructure,” Assembly Speaker Sheldon Silver said Tuesday.

Meanwhile, Paterson and legislative leaders remain divided on a budget for the fiscal year that began April 1 with a projected $9.2 billion deficit.

On Tuesday, the Civil Service Employees Association filed a contract grievance following Paterson’s decision to withhold pay raises for state workers in the short-term spending measures to keep the state government running in the meantime.

The union said that affects 70,000 of its members working in the executive branch.

“We are already creating reductions just by the fact that we are cutting into the deficit in our biweekly extenders,” Paterson said, adding the union could just wait for the raises until the budget is passed. “Every time you ask for cooperation, you either get no cooperation or a lawsuit, and now a grievance.”